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Getty Realty Corp (GTY) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Getty Realty Corp

CIK: 1052752 Ticker: GTY

Exhibit 99.1

RELEASE: IMMEDIATE

GETTY REALTY CORP. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2014 RESULTS

JERICHO, NY, March 4, 2015

— Getty Realty Corp. (NYSE-GTY) (“Getty” or the “Company”) announced its financial results for the quarter and year ended December 31, 2014.

Highlights for the Fourth Quarter Ended December 31, 2014:

 

   

Funds from operations (FFO) of $0.38 per share

 

   

Adjusted funds from operations (AFFO) of $0.34 per share

 

   

Acquired 3 properties for $10.8 million in the aggregate

 

   

Disposed of 22 properties for $5.8 million in the aggregate

 

   

Recognized additional environmental liability

“For the second consecutive year, we made progress on our ongoing transformation. This was evidenced by our solid Adjusted Funds from Operations per share growth, excluding payments from the Lukoil Settlement” stated David B. Driscoll, Getty’s Chief Executive Officer. “We remained disciplined and judicious in our acquisition approach, which combined with the continued optimization of the portfolio resulted in improved performance throughout the year. We have also aggressively reduced operating costs over the past few years and together all of these efforts are driving additional cash flow. As we move into 2015, we are excited to have positioned the Company to outperform. Additionally, we have a robust pipeline of opportunities that we believe could contribute to our growth.”

Financial Results:

The Company’s net income, funds from operations (“FFO”) and adjusted funds from operations (“AFFO”) for the year ended December 31, 2013 included payments from the settlement of a litigation brought by Getty Petroleum Marketing, Inc. (“Marketing”) against Lukoil (the “Lukoil Settlement”) of approximately $23.7 million, or $0.71 per share. In addition, the Company’s net income for the year ended December 31, 2013 included significant gains on dispositions of real estate. For these reasons, comparisons of the Company’s performance for the years ended December 31, 2014 and 2013 are less meaningful.

Net Earnings:

The Company reported a net loss for the quarter ended December 31, 2014 of $3.1 million, or $0.10 per share, as compared to net earnings of $5.0 million, or $0.15 per share, for the quarter ended December 31, 2013. The results for the quarter ended


The following information was filed by Getty Realty Corp (GTY) on Wednesday, March 4, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Commitments And Contingencies
Commitments And Contingencies - Additional Information (detail)
Credit Agreement And Prudential Loan Agreement
Credit Agreement And Prudential Loan Agreement - Additional Information (detail)
Employee Benefit Plans
Employee Benefit Plans (tables)
Employee Benefit Plans - Additional Information (detail)
Employee Benefit Plans - Schedule Of Activity Relating To Restricted Stock Units Outstanding (detail)
Employee Benefit Plans - Schedule Of Vesting Activity Relating To Restricted Stock Units Outstanding (detail)
Environmental Obligations
Environmental Obligations - Additional Information (detail)
Income Taxes
Income Taxes - Additional Information (detail)
Leases
Leases (tables)
Leases - Additional Information (detail)
Leases - Capitol Petroleum Group - Additional Information (detail)
Leases - Chestnut Petroleum Dist. Inc. - Additional Information (detail)
Leases - Future Contractual Minimum Annual Rentals Receivable (detail)
Leases - Future Contractual Minimum Annual Rentals Receivable (parenthetical) (detail)
Leases - Hanuman Business, Inc. - Additional Information (detail)
Leases - Leasing Activities - Additional Information (detail)
Leases - Marketing And The Master Lease - Additional Information (detail)
Leases - Summary Of Selected Financial Data (detail)
Property Acquisitions
Property Acquisitions (tables)
Property Acquisitions - 2013 Activity - Additional Information (detail)
Property Acquisitions - 2014 Activity - Additional Information (detail)
Property Acquisitions - Acquired Intangible Assets - Additional Information (detail)
Property Acquisitions - Pro Forma Condensed Financial Information (detail)
Property Acquisitions - Schedule Of Amortization For Acquired Intangible Assets (detail)
Quarterly Financial Data
Quarterly Financial Data (tables)
Quarterly Financial Data - Summary Of Quarterly Results Of Operations (detail)
Schedule Ii - Valuation And Qualifying Accounts And Reserves
Schedule Ii - Valuation And Qualifying Accounts And Reserves (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization (parenthetical) (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization - Additional Information (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization - Schedule Of Changes In Real Estate Assets And Accumulated Depreciation (detail)
Schedule Iv - Mortgage Loans On Real Estate
Schedule Iv - Mortgage Loans On Real Estate (detail)
Shareholders' Equity
Shareholders' Equity (tables)
Shareholders' Equity - Additional Information (detail)
Shareholders' Equity - Summary Of Changes In Shareholders' Equity (detail)
Shareholders' Equity - Summary Of Changes In Shareholders' Equity (parenthetical) (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies - Schedule Of Assets And Liabilities Measured At Fair Value On Recurring Basis (detail)
Summary Of Significant Accounting Policies - Schedule Of Earnings (loss) From Discontinued Operations (detail)
Summary Of Significant Accounting Policies - Schedule Of Earnings Per Share (detail)
Summary Of Significant Accounting Policies - Schedule Of Real Estate Held For Sale (detail)
Ticker: GTY
CIK: 1052752
Form Type: 10-K Annual Report
Accession Number: 0001193125-15-091555
Submitted to the SEC: Fri Mar 13 2015 6:47:36 PM EST
Accepted by the SEC: Mon Mar 16 2015
Period: Wednesday, December 31, 2014
Industry: Real Estate

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